As display technology advances and display resolution grows, e.g., from SD to HD, to 4K, and to 8K, the amount of static random access memory (SRAM) which may be used for frame buffering in a display may increase, and the cost of manufacturing displays may increase accordingly. Compressing the data stored in a frame buffer may reduce memory requirements and cost, but some compression algorithms may result in degraded image quality. Thus, there is a need for a system and method for compressing image data that preserves acceptable image quality.